My wife and I have just bought a house in Upper Tooting. We have noticed several problems with the property which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been ordered as part of conveyancing in Upper Tooting?
It is not clear from the question as what problems have arisen and if they are specific to conveyancing in Upper Tooting. Conveyancing searches and due diligence undertaken during the legal transfer of property are designed to help avoid problems. As part of the process, the vendor completes a document known as a Seller’s Property Information Form. answers proves to be incorrect, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Upper Tooting.
Will lawyers request an advanced payment for conveyancing in Upper Tooting?
Where you are retaining lawyers for conveyancing in Upper Tooting your lawyer will ask you to provide them with monies to cover the search fees. Generally this is called for to cover the fees of the Local Authority Search. If any deposit is payable against the total price then this will be asked for shortly prior to contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
How do I check that the solicitor carrying out my conveyancing in Upper Tooting is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays thus spending £187.00 plus VAT in another set of legal charges.
Please do take advantage of the search tool on this site. Pick the lender and type ‘Upper Tooting’ or your location and you will be presented with a number of lawyer located in Upper Tooting or by proximity to you.
A relative informed me that in buying a property in Upper Tooting there could be various restrictions affecting the ability to carry out external changes to a property. Is this right?
We are aware of a number of properties in Upper Tooting which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Upper Tooting should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it correct that all Upper Tooting CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing panel?
Some major lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Upper Tooting solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Upper Tooting surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Upper Tooting I like with a park and station nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Upper Tooting in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.